I think we would go higher. There seems to be a lot of angst about how they're funding their dividend. If they lowered it I think that dark cloud would be lifted. They could use the money elsewhere but instead they want to put it in the exec's pockets via dividend.
It's too late now - they've said numerous times how committed they are to grow the dividend regardless of the how. You can't back peddle now as that would create shock.
So instead this stock is around for one purpose only - a savings account. That's it - you won't get rich, you'll just be invested in a boring sideways stock that doesn't move up or down and pays you while you park your money.
Meanwhile, the S&P, DOW, Nasdaq, pick ANY index/average and it's skyrocketing. So, who the heck is going to buy COP!? 4.7% divy vs the S&P which is already yielded 8% 3 months in. Not to mention the price of crude which is looking to be in a dangerous place here with potential downside risk.